The grass is always greener, it seems. NFT projects on non-Ethereum chains aspire to see levels of liquidity achieved by top Ethereum-based projects, while Ethereum-based NFT collections see the ‘bigger fish in a smaller pond’ opportunity with leaner non-Ethereum chains. There are plenty more potential motivations for projects to move across chains – or grow beyond just one chain – and for the first time in recent months, this is action that we’re finally seeing come to life.
We saw a prime example of this in the final hours of 2022 when signature Solana-based projects DeGods and y00ts announced their move from Solana to Polygon.
Another case study is in the making this week, this time with a once high-flying Ethereum-based ‘blue chip,’ Doodles.
NFTs: To Ethereum, And Beyond
There’s been high ceilings and low floors in Doodles long – yet brief – history. However, the project still shows continued investment – quite literally as recent as September, when Doodles raised over $50M in a VC fundraising round led by Reddit co-founder and Doodle holder Alexis Ohanian and his investment firm Seven Seven Six.
At the time, many community members in the NFT space thought this was outlandish and flat out laughable, but it hasn’t tempered Doodles’ efforts to continue growing an IP powerhouse.
The latest news this week comes straight from the horse’s mouth. An announcement from the Doodles team on Wednesday shed more light around the upcoming ‘Doodles 2’ release, the follow-up collection to Doodles. In that announcement, the Doodles team shared that they would be launching the project’s latest iteration on Flow, rather than Ethereum – and sharing a sentiment of a “future of strong cross-interoperability” in doing so.
A letter to our community pic.twitter.com/M9kp0LK0Gq
— doodles (@doodles) January 25, 2023
Flow blockchain (FLOW) secured a major win this week with it's new support of upcoming 'Doodles 2.' | Source: FLOW-USD on TradingView.com
A Cross-Chain Future
It’s hard to envision exactly how a cross-chain interoperability with NFTs actually comes to life in a way that is easy and free-flowing. The reality is that we’re probably a year or two away from even being close. However, kudos is due to projects willing to take risks and launch in new and unique ways – and many major community members in both NFTs specifically, and crypto at large, have been advocates for more cross-chain pollination.
The Flow blockchain is undoubtedly an interesting choice for the Doodles team, too; Flow has been a mainstay for sports NFTs, with the overseeing team at Dapper Labs securing partners like the NBA, UFC, and La Liga. However, Flow hasn’t been a top choice for traditional NFT collections typically – despite carrying similar market advantages to chains like Polygon or Solana, Flow’s business development focus hasn’t typically been focused on community-driven collections. Doodles, however, is clearly a project that Flow will welcome with open arms as the chain looks to diversify it’s roster of premier projects.
The ever-present and undeniably complicated question is always, what is the end game for NFTs? The answer is likely some multi-media, digital-first legacy IP emblematic of Disney franchises, Pokemon, etc. However, building brand loyalty in the space is not easy, and few will survive the long game. We’ll see how it shakes out for Doodles and co.
Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit
Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.
To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.
INTRODUCING CRYPTEGRITY DAO
Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security.
Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.
25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.
In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.
About $ESCROW Token
The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.
ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.
The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.
Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.
Start Trading Now: Hotbit.io
Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.
“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”
Australian Government Flagged FTX Concerns Eight Months Before Downfall
A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.
An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.
In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.
Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months
In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.
The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.
The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.
FTX Licensing Strategy
It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.
Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.
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